Trending tickers: TSMC, Netflix, Anglo American and Premier Foods

TSMC (TSM)

Shares in Taiwan Semiconductor Manufacturing Co. were higher in pre-market trading after the semiconductor company reported a 36% rise in second-quarter profit amid surging demand for advanced chips.

TSMC posted a net profit of T$247.85bn (£5.84bn/$7.6bn) after the company disclosed its second-quarter sales grew at the fastest pace since 2022. Second-quarter revenue jumped 40% to T673.51bn.

TSMC is the world’s largest and most advanced chipmaker. It manufactures chips for major American firms such as Apple (AAPL) and Nvidia (NVDA).

Read more: Nvidia, ASML, and TSMC stocks got hammered — here's why

Third-quarter revenue is expected to be between $22.4bn and $23.2bn, said CFO, Wendell Huang, in a post-earnings call. Huang said TSMC's annual capital expenditure is now expected to be between $30bn and $32bn, with the lower end of the range up slightly from prior estimates of $28bn.

Shares of the world’s largest maker of advanced chips have more than doubled since the AI boom took off in late 2022.

Netflix (NFLX)

Shares in the streaming giant were 0.3% higher in pre-market trading as Netflix is set to report its fiscal second-quarter earnings on Thursday after the US market close.

Analysts expect NFLX to deliver quarterly earnings of $4.70 per share, reflecting a 42.9% improvement on the same quarter the previous year. Revenues of $9.53bn would mark a 16.4% jump versus the year-ago period, according to Zachs Investment Research.

"For NFLX shares, much is priced in, but we remain bullish given the still large opportunity for growth ahead," Morgan Stanley analyst Benjamin Swinburne wrote in a note ahead of the report.

Read more: Stocks to watch this week: Anglo American, Burberry, TSMC and Netflix

At a recent $650, shares of the streaming company are up by a third this year.

“Netflix has managed to establish a virtually insurmountable lead in the streaming wars,” wrote Wedbush analyst Alicia Reese, as she reiterated her Outperform rating last week.

But the stock's recent run-up has led to some apprehension on Wall Street. "We are cautious heading into the firm’s Q2 2024 release," Citi analyst, Jason Bazinet, wrote. "We maintain our Neutral rating and $660 target price."

Anglo American (AAL.L)

Anglo American was higher as it held its copper and iron ore guidance, despite a challenging market for diamonds due to subdued Chinese demand.

The diversified mining major backed its guidance for key metals copper and iron ore, but cut its coal-production target after a fire suspended output at a major mine.

It announced Thursday that it dug out 6% less copper in the second quarter, with 196,000 metric tons versus 209,000 tons in the same period a year before. This was due to an 8% decrease in Chile's production, while iron ore was flat at 15.6 million tonnes.

Platinum group metals production was down 2% to 921,000 ounces.

Read more: UK wage growth slows amid interest rate cut hopes

Steelmaking coal production is now expected to be in the range of 14 million - 15.5 million tonnes, down from previous guidance of 15 million - 17 million tonnes after the fire at Grosvenor sparked by coal gas saw operations suspended.

It expects headline earnings to fall between 15% and 25% in the first half, compared with the same period last year when it booked 7.86bn South African rand (£332m/$432.3m). The fall is due to lower prices for platinum metals, mainly palladium and rhodium, which fell 34% and 49%, respectively.

Anglo American warned that its De Beers diamond division will cut production further as the luxury market braces itself for a protracted depression amid a downturn in high-end spending by Chinese consumers.

Premier Foods (PFD.L)

Premier Foods posted a jump in first-quarter sales on Thursday, boosted by strong demand overseas for Mr Kipling cakes.

The FTSE 250 food group, which makes branded and non-branded groceries, cakes and sweet treats, said sales in the 13 weeks to 29 June rose 5.3% to £239.3m, compared to the same quarter the previous year, while branded sales were up 7.3%.

The company has seen continued growth and demand for its grocery business with more shoppers buying its brands.

International sales rose 24% as Mr Kipling was rolled out across 800 stores in Canada and The Spice Tailor meal kits launched in Germany.

"We expect to see more volume-led branded sales growth in the coming quarters," said CEO Alex Whitehouse.

Analysts, on average, expect trading profit for the year of £183m, according to Reuters.

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